Joe Sitt: New York market “hot hot hot”: VIDEO

Town Residential is seeing strongest market in 25 years, owner says

Feb.February 26, 2014 06:10 PM

The New York market is fetching record prices and inventory is hitting an all-time low, Joe Sitt said on Bloomberg’s Street Smart Tuesday.

His brokerage Town Residential, where chairman Sitt is involved in litigation with former chief exective Andrew Heiberger, recently fetched a price of $3,100 per square foot on the sale of an 11,000-square-foot quadraplex unit at the Charles, Sitt said on the show. The 1355 First Avenue condominium building, located at 73rd Street,

Condominiums are taking an average of about 90 days to sell at the moment, compared to the “average” 177 days, Sitt said on the show. And projects like the Charles, at 1355 First Avenue and 73rd Street, he said would be a “record breaker” for the firm.

“The crazy part of the whole thing is that if that person wanted to sell it, he could probably sell for huge profit,” Sitt said of the Charles quadraplex buyer.

And while a number of buyers at the Charles are coming from out of town, Sitt said, every single one is a domestic buyer — bucking the popular narrative that most of the city’s high-end purchasers are foreign investors.

“I did ask a few of them… what’s bringing you here?” Sitt said. “Believe it or not, the stock market. People are feeling a little bit better, it gives them comfort.” [Bloomberg]Julie Strickland

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